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# Big Tech’s $700B capex spree exposes a capital gap among agency holding cos
- URL: https://fabric-media.ghost.io/big-techs-700b-capex-spree-exposes-a-capital-gap-among-agency-holding-cos/
- Published: 2026-08-12T20:15:46.000Z
- Updated: 2026-08-27T00:47:56.000Z
- Description: Google, Meta, Amazon and Microsoft now guide to $700B combined 2026 capex. Meanwhile Stagwell spends 8% of net revenue versus Omnicom’s 1%, showing scale, not urgency, drives who bets big on AI infrastructure.
- Author: Fabric.Media Editorial
- Tags: Agencies, Earnings

**Why it matters.** Stagwell’s 8%-of-revenue capex bet gives it an AI-infrastructure argument in client pitches that Omnicom, spending just 1%, cannot yet match despite its 8x scale advantage.

*Signal from* [*Madison and Wall*](https://madisonandwall.substack.com/) *·* [*read the original*](https://madisonandwall.substack.com/p/m-and-w-saturday-summary-best-way)*.*